Lucas & Lucas, P.A. Lucas & Lucas, P.A. 2026-01-12T09:18:48Z https://www.leonlucas.com/feed/atom/ WordPress /wp-content/uploads/sites/1401878/2020/01/cropped-favicon-32x32.jpg On Behalf of Lucas & Lucas, P.A. <![CDATA[Common executor mistakes and how to avoid them]]> https://www.leonlucas.com/?p=47089 2025-08-01T08:31:49Z 2021-10-02T15:07:26Z Common mistakes Being the executor for someone’s estate is a time-consuming and difficult undertaking. Making a mistake with something so important is the last thing anyone wants to do. Despite the complicated nature of executing a will, there are a few commonly occurring mistakes to be aware of. The first step to avoiding mistakes is to be aware of what they are:
  • Not understanding your role
  • Rushing through responsibilities
  • Lack of communication
By understanding the ways that others frequently fail, you can improve your approach.

Prevention and preparation

Be prepared for what this role will entail. You should understand the basic requirements of the position, including the probate process. You should also familiarize yourself with how to uphold the fiduciary duties expected of an executor. Manage your time wisely and prioritize responsibilities. Fulfilling your duties as executor may take months or even years. There will be varying deadlines for tasks like paying bills. Document the due dates of each bill you need to settle for the estate and have a clear picture of the timeline of events that will occur throughout the process. Keep open lines of communication with beneficiaries. Consider establishing a schedule for in-person, video or telephone meetings to make sure everyone stays informed about the progression of events. Follow the court’s instructions, as well as the decedent’s wishes, and you can successfully fulfill your executor duties.]]> On Behalf of Lucas & Lucas, P.A. <![CDATA[Virtual real estate transactions and disclosure statements]]> https://www.leonlucas.com/?p=47086 2025-08-01T08:32:04Z 2021-08-27T17:33:22Z virtual open houses and remote closings changed some of the ways people buy and sell homes. Online listings and video tours conducted through mobile devices allow buyers to search for potential homes without a need to visit them in person. Negotiating offers may now include discussing sale details through emails or text messaging. Technology has not, however, changed certain legal requirements of a real estate listing, such as the need for disclosure statements.

NC law requires disclosure statements

Under North Carolina's statutes, sellers listing properties through a real estate broker must fill out truthful disclosure forms. If sellers transact with a buyer privately, however, they may opt out of the disclosure form, as noted by 11 ABC Eyewitness News. Sellers and brokers required to provide disclosure forms must describe any known issues such as structural defects, termites or plumbing problems. Disclosure forms also require informing a potential buyer of neighborhood nuisances including offensive odors or industrial noises. Buyers purchasing properties from sellers who failed to disclose known material issues may file a legal action alleging a fraudulent transaction.

Private transactions may prolong a closing

Some buyers and sellers may prefer to forego a broker and transact privately. The absence of a disclosure form may require drafting a contract that protects each party against the possibility of undisclosed issues. Discovering a faulty wiring system, for example, may delay the closing process because the terms of a contract need revising. Sellers conducting virtual private transactions may not need to provide disclosure statements, but buyers may require legal protection against unrevealed defects. Creating an ironclad contract may provide for effective remedies if and when a property issue comes to light.]]> On Behalf of Lucas & Lucas, P.A. <![CDATA[What it really means to be an executor]]> https://www.leonlucas.com/?p=47025 2025-08-01T08:32:12Z 2021-07-27T19:14:40Z distribute what remains according to the deceased's final wishes. Being chosen as an executor speaks to the person's integrity and perceived ability to manage the responsibility. While this can be flattering, it also means accepting a time-consuming responsibility that may include liability for errors made during the probate process.

Executor requirements

To serve as an executor in North Carolina, a person must be over 18 and of sound mind. Someone with a felony conviction may not serve as an executor before serving their sentence and probation period or being fully pardoned. The probate court will reject an executor who is incapable of performing the job, and the judge will appoint a suitable replacement.

Immediate tasks

Immediately following a person's death, their executor must secure the assets, handle financial transactions, and obtain copies of the death certificate. Most importantly, an executor must know where to find and secure a copy of the will and contact named beneficiaries.

Next steps

The executor should open a bank account in the estate's name to receive cash assets from existing bank accounts and then prepare for the probate process if applicable. The court will not appoint someone to the role of an executor who declines to accept the position. However, after agreeing to take on the job, they should prepare for some possible family conflicts and things that do not go as smoothly as they might. It can take a year or more to close out an estate and file the final tax return, so it is best to set realistic expectations.]]> On Behalf of Lucas & Lucas, P.A. <![CDATA[3 common title mistakes you may find when buying a property]]> https://www.leonlucas.com/?p=47022 2025-08-01T08:32:36Z 2021-07-07T15:36:15Z 1. Public record errors People make mistakes, but the error may wind up taking time and money to fix when it affects the property you are buying. For instance, someone may enter the incorrect square footage of the house, which affects the appraisal price. As a result, the bank may not approve you for the loan. 

2. Unknown easements

In real estate parlance, an easement gives you the right to enter a property that another person or entity owns. For example, you may need to go through someone else’s property to get to your home. There are five types of easements in North Carolina:
  • Express
  • Implied from prior use
  • Implied by necessity
  • Prescription
  • Cartway proceeding
Have you checked to verify there are easements on the property you want to purchase? 

3. Unknown liens

Banks and other companies can place liens on property for unpaid debts. Even though you do not owe the money, you may have to pay to get the property. The title company should be able to find if there are any issues. You can help make the purchasing of your dream home a relatively painless experience if you do your due diligence before buying.]]> On Behalf of Lucas & Lucas, P.A. <![CDATA[What does title insurance cover?]]> https://www.leonlucas.com/?p=47020 2025-08-01T08:32:43Z 2021-05-26T19:40:39Z Purchasing a new home is an exciting time for North Carolina residents, and many believe that the stressful parts are over once they sign the title. However, there are circumstances in which a prior owner may have claims to your title that you did not know about.  In North Carolina, title insurance can protect homeowners by assuring ownership and protecting you from potential losses should the title have claims still attached to it. 

What does insurance cover?

There are some defects in titles that homeowners may not know about before signing the deed. These hidden defects are often missed in title examinations, which a title company performs before closing on a property. In such cases, title insurance protects them from financial loss due to the following: 
  • Forged deeds 
  • Undisclosed heirs 
  • Unpaid child support liens 
  • Clerical errors 
  • Unrecorded easements 
These are just some of the several issues that title insurance covers, so it is important to purchase coverage before this type of situation comes to light. 

What is not covered?

Any issues that you knew about before signing closing documents are not covered by title insurance, as well as any problems that you create yourself. Some of the other risks not typically covered include government condemnation, restrictive covenants and zoning ordinance violations.  Dealing with title disputes after finalizing the purchase of a home can become a big headache. The extra cost of title insurance may feel like too much of an added expense, but it can pay off significantly should a bad situation arise. ]]> On Behalf of Lucas & Lucas, P.A. <![CDATA[How to avoid family conflict in estate planning]]> https://www.leonlucas.com/?p=47015 2025-08-01T08:32:50Z 2021-04-30T00:11:40Z reduce the chances of inheritance battles arising among or between your children?

Leave your kids the same amount

Leaving one child more than the other or others is a surefire way to raise ire. If you have concerns about leaving one son or daughter assets because he or she has a drug problem or is financially irresponsible, among other possibilities, you may be able to leave that child assets on a conditional basis by creating a trust.

Give your kids a sense of what they might inherit

You may also be able to help your kids avoid inheritance conflicts by giving them an idea of what they might inherit while you are still living. This may help avoid having one or more children question how much they ultimately receive.

Have a reason for choosing your executor

If you decide to name a child an executor, try to have a sound reason for choosing that child instead of the other or others. If he or she lives nearby or has more time to devote to the process than your other kids, tell your other children why you decided to give one child the executor role. The earlier you start working on your estate plan, the more time you have to finetune it and address this and other important issues.]]> On Behalf of Lucas & Lucas, P.A. <![CDATA[3 reasons your house is not selling]]> https://www.leonlucas.com/?p=47010 2025-08-01T08:32:56Z 2021-04-02T16:29:28Z 56 days. While houses tend to sell faster in the summer, you may need to take action if your house has been on the market longer than that. Here are three reasons your house may not be selling.

1. Your asking price is too high

Arguably, the asking price is the most common reason houses do not sell quickly. After all, if buyers can get a comparable home for less than yours, they are likely to jump at the deal. Therefore, if your house is not attracting much attention, it may be time to ask your realtor to rework the comps.

2. Your house is too unique

You may absolutely love your home's quirky paint colors, retro carpeting or other unique features. Still, if your house is too taste-specific, it may scare away buyers. Taking steps to make your home appeal to the largest number of potential buyers may make sense, even if you have to live with beige walls for a while.

3. Your house is empty

When selling a home, it is usually advisable to remove clutter and personal items. If you go too far and take away all furniture, wall hangings and fixtures, though, buyers may have a hard time envisioning themselves in the space. Even if you have moved, your home may benefit from staging. Ultimately, anything you can do to make the place feel homier may help to shorten the time it spends on the market.]]> On Behalf of Lucas & Lucas, P.A. <![CDATA[How does probate work in North Carolina?]]> https://www.leonlucas.com/?p=47005 2025-08-01T08:33:16Z 2021-03-09T18:09:14Z North Carolina probate when planning your estate.

Defining probate

Probate occurs when your executor submits your will to the court. The court ensures its validity and issues a legal document called letters testamentary. This gives your executor permission to pay estate debts, settle taxes and distribute your property to your beneficiaries. You may also hear probate called "estate administration."

Understanding North Carolina probate requirements

Some assets do not require probate. You can establish beneficiaries for many assets before you die so property bypasses directly to your designated heir. Examples of probate-exempt assets in North Carolina include assets you transfer to the ownership of a living trust, pension and life insurance accounts with a beneficiary, retirement accounts with a designated beneficiary, and real estate you own together with a spouse. Your executor or immediate survivor can apply to avoid probate in North Carolina when probate assets do not exceed $20,000. The minimum is $30,000 if your will leaves everything to your surviving spouse. When you do not name an executor or personal representative in a valid will, the court will allow your next of kin to start the probate process. Whether or not you expect your assets to require probate, estate planning can help ensure the fulfillment of your wishes in caring for your beneficiaries. Even if you already have a will, reviewing your estate documents every few years will facilitate updates as needed.]]> On Behalf of Lucas & Lucas, P.A. <![CDATA[5 issues that can delay your real estate closing date]]> https://www.leonlucas.com/?p=46793 2025-08-01T08:33:33Z 2021-02-02T02:26:38Z 1. Unrealistic closing date It normally takes between 45 and 60 days after the acceptance of a purchase offer for the real estate closing to take place. There are many variables involved, including the type of financing the buyer is using. Your real estate agent can advise you about a realistic date.

2. Appraisal problems

A bank appraisal can delay a closing due to needed home repairs or a cloud on the title. An attorney can help ensure there is a clean title on the property.

3. Survey issues

A discrepancy that turns up during an instrument survey can delay your closing date. Boundary line or encroachment disputes are among the most common issues that arise during such a survey.

4. Lender review

The lender may decide to review credit and bank statements one last time, even if a buyer is pre-approved. This is a frustrating activity that could delay the closing.

5. Final walk-through hiccups

During the final walk-through, the buyer should find that everything works—HVAC, appliances, utilities and toilets—and that agreed-upon repairs have been made. Any outstanding issues could cause a closing date setback.

Looking ahead

Whether you are about to purchase your dream home or are looking to move on after a residential sale, you want the transaction to go as smoothly as possible. When you rely on a combination of legal guidance and real estate know-how, you can avoid a possible delay and look ahead to the closing with confidence.]]> On Behalf of Lucas & Lucas, P.A. <![CDATA[How do estate taxes work?]]> https://www.leonlucas.com/?p=46715 2025-08-01T08:33:45Z 2021-01-12T19:32:00Z federal tax guidelines as you plan your estate so you understand what to expect.

Taxable property

If you die in 2021, your estate must pay federal tax if the value of the gross estate exceeds $11.7 million. The IRS defines the gross estate as all assets, including cash, real estate, trust and investments, minus certain deductions. These deductions usually cover charitable giving, property inherited by your spouse, the cost of administering your estate, and the mortgage and other qualifying debts.

Tax rates

Generally, the first taxable $1 million of your estate will be subject to 18% to 39% percent tax. The IRS will tax the remainder of your taxable estate at 40%. For example, if you leave $5 million to your children and your rate is 20% on the first $1 million, the tax bill will be about $200,000 on the first million and $1.6 million on the other $4 million. Various strategies can help you reduce the size of your estate to limit your descendants' tax burden. The estate planning process can identify these opportunities, such as transferring property directly to your surviving spouse, making gifts to children and grandchildren during your lifetime, and establishing trusts for your beneficiaries, business interests, and charitable giving needs.]]>